ARTICLE VIII. - PROPERTY TAX CLASSIFICATION

Sec. 16-94. - Ratable property classification.#

(a)

All ratable property in the city shall be classified by the tax assessor as follows:

(1)

Class 1. Residential real estate consisting of no more than three dwelling units, land classified as open space, and dwellings on leased land including mobile homes. A homestead exemption provision is also authorized within this class.

(2)

Class 2. Commercial and industrial real estate, residential properties containing partial commercial or business uses and residential real estate of more than three dwelling units.

(3)

Class 3. All ratable tangible personal property; excluding wholesale and retail inventory, which shall be taxed in accordance with G.L. 1956, § 44-3-29.1.

(b)

The tax rate applicable to Class 2 shall not exceed by two hundred percent the rate applicable to Class 1.

(c)

Beginning with the assessment date of December 31, 2022, and except in any year in which a comprehensive or statistical revaluation is completed, any tax rate change from one year to the next shall be applied such that the same percentage change is applicable to all classes.

(d)

Notwithstanding subdivisions (a) and (b), the tax rates applicable to wholesale and retail inventory within class 3 as defined in subsection (b) are governed by G.L. 1956, § 44-3-29.1.

(e)

Notwithstanding subdivisions (a) and (b), the tax rates applicable to residential real estate within subsection (b) are governed by G.L. 1956, § 44-5-70.

(f)

The provisions of G.L. 1956, tit. 44, ch. 35 relating to property tax and fiscal disclosure applies to the reporting of and compliance with these classification restrictions.

(Ch. 307, § I, 5-18-04; Ch. 882, § I, 7-18-23)